TCREUR_Public/050420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 20, 2005, Vol. 6, No. 77

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: 40 Offer to Bankroll Plane Procurement Program
IPB: CKA Wins Favorable Ruling on J Ring Claim

* Czech Travel Firms Winding up in Face of Huge Insurance Fees


F R A N C E

BOURGOGNE BOUCHE: Court Orders Liquidation
COMPAGNIE GENERALE: Ratings Confirmed at Ba2/Ba3
MARIONNAUD PARFUMERIES: AS Watson Completes Takeover
MONECOM SARL: Reorganization Gets Court Approval


G E R M A N Y

AGIV REAL: Mulls EUR197 Mln Suit Against Former Owner
BERNINI GMBH: Court Appoints Dr. Winfrid Andres Administrator
COGNIS GMBH: Outlook Revised to Negative
CONIT LUFTTECHNIK: Creditors Meeting Set June
FLIESEN JOHANNA: Creditors Claims Due Next Month

GKL GRUNDSTUCKSGESELLSCHAFT: Mannheim Court Confirms Bankruptcy
GUNTER RAUSCH: Creditors Claim Due May
GUSTAV STANGE: Proofs of Claim Due June
HOLZBAU REGEN: Creditors Have Until May to File Claims
JENOPTIK AG: Ratings Affirmed Over Engineering Unit's IPO Plan

KARSTADTQUELLE AG: Fashion Arm to Close Four Outlets
LEICA CAMERA: Foresees EUR12.8 Million Operating Loss
LEICA CAMERA: Mulls Reducing Capital by EUR10 Mln
NORDBADISCHE TRANSPORTE: Under Bankruptcy Proceedings
PAFAMAX BRANDSCHUTZTECHNIK: Declared Insolvent
WIBU KLIMAANLAGEN: Under Bankruptcy Proceedings


H U N G A R Y

MALEV HUNGARIAN: Six Bidders Home in on Ailing Carrier


K Y R G Y Z S T A N

CEMENS-SELLING: Deadline for Creditors' Claims June 7
KURULUSH-BANK: Selling Office Furnishings, Cars Next Week
KYRGYZSERVISKONTRAKT: Sets Public Auction of Assets April 26
OATURN: Gives Creditors Until June to Prove Claims


L U X E M B O U R G

MILLICOM INTERNATIONAL: Pakcom Renews License in Pakistan


N E T H E R L A N D S

HOLLAND EXEL: New Owner to Jumpstart Group Through Arkefly
ROYAL SHELL: Forms US$23 Mln Joint Venture with China's SAGC


N O R W A Y

NORTHERN OFFSHORE: Permanently Delists from Oslo Bors
PAN FISH: Reducing Capital to Cover Losses
PAN FISH: Refinancing via NOK500 Mln Debt Conversion


R U S S I A

CARBON: Bankruptcy Proceedings Begin
FRUNZENSKIY WOOD-PROM-KHOZ: Proofs of Claim Deadline May 19
KARASEVSKIY: Bankruptcy Hearing Resumes Next Month
KYZYLSKIY MEAT: Declared Insolvent
RAY-GOROD-STROY: Undergoes Bankruptcy Supervision Procedure

REINFORCED CONCRETE: Ulyanovsk Court Appoints Insolvency Manager
SIBAYSKIY FACTORY: Under Bankruptcy Supervision
SPETS-TRANS-SERVICE: Hires A. Sobitnyuk as Insolvency Manager
UNITED THERMAL: Gives Creditors Until May to File Claims
VICHUG-SNAB: Declared Insolvent
YUKOS OIL: Igor Chernov Named CEO of Siberian Joint Venture
YUKOS OIL: Abandons Appeal of Bankruptcy Ruling


S P A I N

ADRA EMPRESA: Declares Bankruptcy
GENEROS FERRYS: On the Brink of Receivership


S W I T Z E R L A N D

SWISS INTERNATIONAL: To Renew Labor Deal with Swiss Pilots


U K R A I N E

CHAPAYEVSKE: Claims Filing Period Ends Next Week
DEKADA: Poltava Court Opens Bankruptcy Proceedings
ENGINEERING: Liquidator Takes over Helm
GLAVANBUDMATERIALI: Under Bankruptcy Supervision
LIK-X: Last Day for Filing Claims April 25

MIKROTEST: Creditors' Claims Due Next Week
ORIGINAL: Bankruptcy Supervision Starts
SANTARES-ARES: Gives Creditors Until Next Week to File Claims
SILGOSPTEHNIKA: Succumbs to Insolvency


U N I T E D   K I N G D O M

ACE INVESTMENTS: Sets General Meeting Next Month
A. H. ISLINGTON: In Administrative Receivership
A.S. & R.E.: Liquidator from Smith & Williamson Moves in
AXIS (GLOBAL): Appoints Pure Recovery Administrator
BEECHTREE CORPORATE: Administrators from Grant Thornton Move in

BISHOPSWOOD HOUSE: Deadline for Proofs of Claim Set Next Month
CENTRAL HYDRAULICS: Names Moore Stephens Administrator
COBURG DIRECT: Creditors to Meet Next Week
COUNTRY CARE: Final General Meeting Set Third Week of May
COURTS PLC: To Sell Malaysian Subsidiary, Report Says

CREMATORIA INVESTMENT: General Meeting of Members Set May
DAMOVO GROUP: EUR350 Million Senior Secured Notes Rated 'CCC+'
DURSLEY STEEL: Calls in Administrators from Numerica
EUROTUNNEL PLC: Total Revenue Up 2% in First Quarter
EXY GROUP: Creditors Meeting Set Next Week

FREEMAN INTERACTIVE: Members General Meeting Set May
F S I GROUP: Members Final Meeting Set Next Month
GHE REALISATIONS: Creditors Meeting Set Next Week
GLOBEHAVEN LIMITED: Restaurant Calls in Administrator from RE10
GRANGE SEYMOUR: Calls in Administrators from BDO Stoy Hayward

IT IMAGE: Creditors Meeting Set Next Week
JARVIS PLC: Debt Swap Negotiations Begin
LEGG MASON: Appoints Tenon Recovery Liquidator
MALABAR CAPITAL: Members Call in Deloitte & Touche Liquidator
NORFISH SEAFOODS: Members Final Meeting Set Next Month

NOVEM CAR: Interior Design Company Calls Meeting in May
PHOENIX VENTURE: Calls in Administrators from PwC
PHOENIX VENTURE: Administrators to Close Three Outlets
P & H PROPERTIES: Appoints BDO Stoy Hayward Liquidator
PREMIER PALLETISE: Grant Thornton Administrators Move in

RICHARD WILD: Hires Marks Bloom as Administrator
TRIDENT FASHIONS: Menswear Retailer Names Administrator
TURNKEY U.K.: Winding-up Report Due Second Week of May
VEDANTA RESOURCES: Plans to Develop Konkola Copper Mines
WHEEL (UK): Calls in Joint Administrators from Begbies Traynor


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


CZECH AIRLINES: 40 Offer to Bankroll Plane Procurement Program
--------------------------------------------------------------
Czech Airlines is giving potential financiers until June to
submit their offer in relation to the carrier's plan to purchase
12 new planes from Airbus SAS, The Prague Post says.

The national carrier opened the tender April 6.  CSA specified
that bidders must have an equity of at least EUR4 billion (US$5.3
billion CZK120 billion), and experience in similar transactions.
So far, more than 40 international investors have responded.
Bidders include major banking houses such as HSBC, ABN Amro,
Citigroup, Deutsche Bank and the European Investment Bank (EIB),
as well as local banks Ceska sporitelna, CSOB, Komercni banka and
Zivnostenska banka.

CSA expects to choose a financing structure and winning bidder by
the end of July.  Talks will follow so that funds may be made
available at the end of February 2006.  CSA is considering four
options: financial and operational leasing, going public, and
obtaining loan from EIB.  EIB, though, can only provide 50% of
the investment project.

Executive director for strategic planning, Jan Vana, said the
airline would likely combine several methods of financing.
President Jaroslav Tvrdik said the funding will be spread over 12
to 15 years.

CONTACT:  CESKE AEROLINIE a.s.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


IPB: CKA Wins Favorable Ruling on J Ring Claim
----------------------------------------------
The arbitration court has ordered CSOB, owner of IPB, to return
questionable claims it has sold to state-run bailout agency, CKA,
spokesman Jiri Pekarek told Pravo daily.

The claim is held by IPB against J Ring company.  CSOB is return
CZK1.6 billion to CKA in relation to this.  A dispute between the
companies arose after EC Group, which bought the claims from CKA
in 2002, returned the purchase saying it was non-existent.  As a
result, CKA was forced to reduce the claim's total price by some
CZK400 million.

CSOB expects to recover the money by asking from the Finance
Ministry the guarantees provided by the government upon its
takeover of IPB, spokesman Milan Tomanek said.  According to him,
CKA's losses would be offset from the amount it will get.

CONTACT:  IPB A.S.
          6410 V Celnici 10 Praha 1
          117 21
          Phone: 221033131
          Fax: 221033150
          Web site: http://www.ipbanka.cz


* Czech Travel Firms Winding up in Face of Huge Insurance Fees
--------------------------------------------------------------
The cost of insurance against potential bankruptcy of travel
agencies in the Czech Republic is eating up the sector, according
to daily Hospodarske noviny.

A mandate is up requiring travel operator to be insured by
mid-April.  Czech travel agencies are changing status to avoid
paying mandatory insurance; some are winding up.

"Last year, some 946 travel agencies were insured before the main
season.  Their number has dropped to 752 by now," said Mag
Consulting analyst Jaromir Beranek.  Experts expect their number
to continue to decrease in the coming years.

Czech Republic has a competitive network of travel agencies with
13,000 inhabitants per agency.


===========
F R A N C E
===========


BOURGOGNE BOUCHE: Court Orders Liquidation
------------------------------------------
The Commercial Court of Dijon placed Bourgogne En Bouche SARL
into judicial liquidation on April 1, 2005.  Liquidator
Jean-Joachim Bissieux has been appointed to facilitate the sale
of company's assets.

Proofs of claim must be submitted to the liquidator as soon as
possible.

CONTACT:  BOURGOGNE EN BOUCHE SARL
          17, route de Dijon
          21320 Pouilly-en-Auxois

          Jean-Joachim Bissieux
          36, rue Jeannin
          21000 Dijon


COMPAGNIE GENERALE: Ratings Confirmed at Ba2/Ba3
------------------------------------------------
Moody's Investors Service confirmed the existing ratings for
Compagnie Generale de Geophysique (CGG) as:

(a) Senior Implied rating of Ba2; and

(b) Ba3 Rating of the remaining outstanding 10 5/8% Senior
    Unsecured Notes due in November 2007.

The outlook for all ratings is stable.

Moody's has also assigned a senior unsecured issuer rating of Ba3
to CGG and a rating of (P)Ba3 to the proposed new Senior Notes of
US$150 million due May 2015.  This new Senior Notes rating is
subject to final documentation.  The new notes will refinance the
existing 10 5/8% notes due November 2007, which are expected to
be fully redeemed in May 2005.  Once the 2007 notes have been
repaid their rating will be withdrawn.

This rating action concludes the rating review originally
initiated in September 2004.  The current ratings reflect these
key strengths and weaknesses of the group:

Strengths:

(a) Improving industry fundamentals especially in respect of
    demand for marine seismic services and equipment products;

(b) The company is one of the four largest players in the
    seismic services industry and the world leader in seismic
    equipment manufacturing;

(c) Record order backlog levels;

(d) Effective and transparent management of the multi-client
    business;

(e) Relatively conservative financial parameters (Total
    Debt/EBITDA of 2.64x, EBITDA-capex/Net cash interest expense
    of 4.3x);

(f) High barriers to entry for the Marine services and equipment
    businesses;

(g) Reduced debt leverage and anticipated improving free cash
    flow going forward;

(h) The proposed senior notes transaction is expected to lower
    significantly the cost of balance sheet debt for the
    company; and

(i) Modest improvement in operating margins.


Not withstanding the above positive factors the ratings remain
constrained primarily by these industry and fundamental
weaknesses:

(a) High cyclicality in the seismic industry (currently
    mitigated by an improving sector outlook);

(b) The risk of over capacity potentially developing in the
    marine seismic sector during cyclical downturns;

(c) Very poor performance of the Land business unit which
    requires further restructuring work and expenditure in
    2005/2006 with no guarantee of sustainable recovery;

(d) High technological risk that could threaten the group's
    current leadership in equipment manufacturing;

(e) Exposure to US$/Euro exchange rate fluctuations;

(f) Continuous need for high capital expenditure and R&D spend,
    especially in the equipment manufacturing and in the data
    processing segments; and

(g) Low barriers to entry for the increasingly commoditised Land
    services sector;

The key drivers of business volumes for the seismic industry are
the oil price and the associated level of exploration activity of
upstream and integrated oil companies.  Currently, high oil
prices and the oil majors' need to make up for the past 3 years
of reduced seismic exploration activity are stimulating increased
demand for all of the core business segments of CGG (seismic
analysis services and equipment, processing and reservoir
management).

Despite rising sales, the Land business unit is experiencing
extreme pricing pressure and consequently shrinking margins,
reflecting the increasing commoditization of on-shore seismic
services and intensifying competition from local operators.  This
business unit began a rigorous restructuring process at the end
of 2003 and a radical change in the business model has been
implemented.  A strategic decision has been taken to shift the
division to a local partnership and joint-venture based operating
structure in order to dramatically reduce the high level of
external costs, improve efficiency and increase access to
experienced local crews and expertise.  To date, realized costs
savings are encouraging, however operating losses remain high and
caused a significant negative impact on CGG group profitability
in 2004.  The outlook for the Land business is currently
uncertain.

More positively, the marine services sector is seeing a rebound
in demand for higher margin multi-client surveys and the lower
risk exclusive surveys business.  Sercel (the global market
leader in the manufacture of both marine and onshore seismic
equipment and technology) continues to realize significant year
on year sales and margin growth reflecting the "push market"
nature of this business, which is essentially driven by new
technological advances.  The data processing and reservoir
management unit is also making sales progress, although margins
have historically been erratic.

The issue of the proposed new notes is expected to reduce
interest expense by virtue of an anticipated lower coupon than
currently being paid on the 2007 notes.  The new notes will also
establish a longer-term core funding base for the group with a
proposed tenor of 10 years.  Outstanding senior debt has also
reduced following the partial prepayment of the existing notes
following the issue of a subordinated convertible bond in the
latter part of 2004.

Structural Considerations

The new notes will be issued by CGG and are expected to benefit
from upstream guarantees from certain operating subsidiaries
based in the U.S., Canada, Australia and Norway.  The guarantees
will be on an unsecured senior basis.  The guarantor group
contributed approximately 49% of CGG group ORBDA in 2004.
Although the senior secured facility of the group of $60 million
(currently undrawn) is not rated, it ranks ahead of the new notes
as do any capital leases and other senior bank debt outstanding
at operating company level.  Moody's has therefore notched the
new notes one level below the senior implied rating to reflect
the existence of priority debt in the capital structure.

Stable Outlook

The stable outlook reflects CGG's strong market position coupled
with improving operating performance of three of its four core
business segments.  Comfort is also taken from the perceived
upward trend of the seismic services sector and the expectation
that this will continue for the foreseeable future.
Nevertheless, the poor performance of the loss-making Land
business unit remains both a concern and a key rating constraint.

Upward rating pressure could result from a sustainable
improvement in operating margin and internal cash flow generation
of the group as a whole, with an EBITDA (pre-multi client survey
amortization) margin reaching a level of approximately 27% to
30%, further de-leveraging of the balance sheet to give a Total
Debt/EBITDA ratio of circa. 1.0x and sustainable improvement in
free cash flow to give a FCF/Net Debt ratio of around 15% to 20%.

Downward rating pressure would result from deterioration in the
Land business segment resulting in a further negative impact upon
group operating margins and cash flows.  Rising absolute debt and
a reversal of the currently positive industry trends could also
have a negative impact on the ratings.

Compagnie Generale de Geophysique, headquartered in Massy,
France, is a leading global seismic services provider and
manufacturer of seismic equipment.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          European Corporate Ratings
          For Journalists
          Phone: 44 20 7772 5456

          London
          Susie Maidment
          Asst Vice President - Analyst
          European Corporate Ratings
          For Journalists
          Phone: 44 20 7772 5456


MARIONNAUD PARFUMERIES: AS Watson Completes Takeover
----------------------------------------------------
The Frydman family has sold its entire stake in troubled perfume
group Marionnaud Parfumeries to AS Watson, Le Figaro says.

According to the financial markets authority, Autorite Des
Marches Financiers (AMF), AS Watson, owned by Asian tycoon Li
Ka-Shing through his Hutchinson Whampoa conglomerate, has
acquired 90.69% of the voting rights and shares in Marionnaud.
The transaction earned the Frydman family around EUR534 million.

The European Commission recently approved AS Watson's bid for all
Marionnaud shares after concluding that a merger between the two
groups would not result to unfair competition in the European
perfume and cosmetics market.

AS Watson operates retail chain stores offering food and
household items, health and beauty products and consumer
electrical goods in Europe and Asia.  Marionnaud, meanwhile,
retails luxury perfumes and cosmetics in France and other
European countries.

CONTACT:  MARIONNAUD PARFUMERIES S.A.
          5 Avenue de Paris
          94300 Vincennes
          Phone: +33 (0) 1 48 08 69 69
          Fax: +33 (0) 1 48 08 01 51
          Web site: http://www.marionnaud.com


MONECOM SARL: Reorganization Gets Court Approval
------------------------------------------------
The Commercial Court of Dijon placed Monecom SARL into judicial
reorganization on April 5, 2005.  SCP Cure-Thiebaut has been
appointed to represent creditors during the company's observation
period.

Proofs of claim must be submitted to the creditor's
representatives as soon as possible.

CONTACT:  MONECOM SARL
          8, rue Paul-Verlaine
          21000 Dijon

          SCP CURE-THIEBAUT
          78, Avenue Victor-Hugo
          BP 81556
          21015 Dijon cedex


=============
G E R M A N Y
=============


AGIV REAL: Mulls EUR197 Mln Suit Against Former Owner
-----------------------------------------------------
Real estate group Agiv Real is considering demanding up to EUR200
million in compensation from banks involved in its merger with
HBAG Real Estate three years ago, Handelsblatt reports.

Agiv's targets are Germany's largest bank, Deutsche Bank, and
BHF-Bank, which belongs to private bank Sal. Oppenheim.  BHF-Bank
sold a majority stake in Agiv to HBAG in 2002, while Deutsche
Bank provided interim financing.  BHF-Bank will have to bear the
bulk of the demand as Agiv is planning to demand from it EUR197
million in claims.

The report cites a law firm saying HBAG financed the transaction
after gaining access to over EUR330 million of reserves held by
Agiv.  The amount was allegedly returned after the merger.

The district court of Hamburg launched bankruptcy proceedings
against Agiv Real Estate in February.  Reinhard Titz was
appointed provisional administrator.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg


BERNINI GMBH: Court Appoints Dr. Winfrid Andres Administrator
-------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Bernini GmbH & Co. KG Einzelhandel on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 3, 2005 to
register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 9:00 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.OG
Altbau, A 341, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BERNINI GMBH & CO. KG EINZELHANDEL
          Mittelstr. 8, 40213 Dusseldorf
          Contact:
          Kirenia Amador, Manager
          Bolkerstrasse 2, 40213 Dusseldorf

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Dusseldorf


COGNIS GMBH: Outlook Revised to Negative
----------------------------------------
Standard & Poor's Ratings revised its outlook on Germany-based
specialty chemicals and intermediate manufacturer Cognis GmbH and
related entity Cognis Deutschland GmbH & Co. KG (Cognis
Deutschland) to negative from stable, owing to an expected
weakening business position in certain end markets.  The 'B+'
long-term corporate rating on Cognis GmbH was affirmed.

"The outlook revision reflects Standard & Poor's expectation of
eroding business prospects for 2005 and thereafter," said
Standard & Poor's credit analyst Tobias Mock.  "In particular
Cognis may find it challenging to restore its profitability and
cash flow generation in line with the 'B+' rating, owing to a
very high leverage, structural changes in several markets,
capacity increases by competitors, higher prices for key raw
materials (natural oils and petrochemicals), as well as
unfavorable currency exchange rates," he added.

The ratings on Cognis continue to be constrained by the group's
very aggressive financial leverage following the LBO in late 2001
and subsequent refinancing transaction in May 2004, as well as
Cognis Holding GmbH's issue of EUR530 million of floating rate
pay-in-kind (PIK) notes in January 2005.  Standard & Poor's
considers these notes to be part of the rated group's overall
debt burden.

Positive rating factors include Cognis' strong diversification in
end-markets and the high exposure to the home and personal care
markets, which post above-average margins and face low volatility
compared with the industrial markets that the chemical industry
serves.

"The negative outlook reflects Cognis' increased business risk
due to ongoing structural changes in textile and leather
chemicals as well as capacity increases of competitors in
oleochemicals and the increased competition in those areas," said
Mr. Mock.  This could limit Cognis' power to pass on higher
raw-material costs to the extent necessary to restore its highly
leveraged financial profile.

In addition, Cognis has relatively limited exposure to the
fast-growing Asia-Pacific regions in these businesses, while in
2004 the trend accelerated for customers to move their production
from Europe and Northern America to Asia.  The potential for
overall debt reduction is limited in the near term, especially
taking into consideration the recently issued PIK notes and the
deferred interest on them.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media
may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


CONIT LUFTTECHNIK: Creditors Meeting Set June
---------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against Conit Lufttechnik GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 31, 2005 to register their
claims with court-appointed provisional administrator Olaf
Borner.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 10:30 a.m. at Saal 234, the
district court of Kassel, Friedrichsstrasse 32-34, 34117 Kassel
at which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims set
out in the administrator's report on July 18, 2005, 9:00 a.m. at
the same venue.

CONTACT:  CONIT LUFTTECHNIK GMBH
          Ellenbacher Strasse 15, 34123 Kassel
          Contact:
          Ingrid Horch, Manager

          Olaf Borner, Administrator
          Bruder-Grimm-Platz 4, D-34117 Kassel
          Phone: 0561/71200-0
          Fax: 0561/71200-30


FLIESEN JOHANNA: Creditors Claims Due Next Month
------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Fliesen Johanna Mannes GmbH on March 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 6, 2005 to
register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 10:45 a.m. at the district court of
Chemnitz, Saal 24, im Gerichtsgebaude, Furstenstrasse 21, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  FLIESEN JOHANNA MANNES GMBH
          Kaltes Feld 4, 08468 Heinsdorfergrund
          Contact:
          Johanna Mannes, Manager

          Andreas Schenk, Administrator
          Franz Mehring Str. 15, 08058 Zwickau


GKL GRUNDSTUCKSGESELLSCHAFT: Mannheim Court Confirms Bankruptcy
---------------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against GKL Grundstucksgesellschaft mbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 6, 2005 to
register their claims with court-appointed provisional
administrator Matthias Kielwein.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 9:30 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel, 1. Stock, Raum 232
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  GKL GRUNDSTUCKSGESELLSCHAFT MBH
          Contact:
          Johannes Lappe, Manager
          Friedrich-Karl-Str. 14, 68165 Mannheim

          Matthias Kielwein, Administrator
          O6, 7, 68161 Mannheim
          Phone: 0621/1569830


GUNTER RAUSCH: Creditors Claim Due May
--------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Gunter Rausch Sanitar und Heizungstechnik GmbH on March
16.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 11,
2005 to register their claims with court-appointed provisional
administrator Manfred Siebke.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:45 a.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  GUNTER RAUSCH SANITAR UND HEIZUNGSTECHNIK GMBH
          Saarbruckener Strasse 250, 38116 Braunschweig
          Contact:
          Wolfgang Rausch, Manager
          Hamburger Strasse 36, 38116 Braunschweig

          Manfred Siebke, Administrator
          Damm 34, D-38100 Braunschweig
          Phone: (0531) 18088
          Fax: (0531) 13532


GUSTAV STANGE: Proofs of Claim Due June
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Gustav Stange Kraftfahrzeuge Heinz Pohl Motor
Car GmbH on March 24.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until June 3, 2005 to register their claims with
court-appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 9:20 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report August 25, 2005,
9:55 a.m.

CONTACT:  GUSTAV STANGE KRAFTFAHRZEUGE
          HEINZ POHL MOTOR CAR GMBH
          Tempelhofer Weg 7,12099 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


HOLZBAU REGEN: Creditors Have Until May to File Claims
------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Holzbau Regen GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 23, 2005 to register their
claims with court-appointed provisional administrator Rainer M.
Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 10:15 a.m. at Saal 056, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HOLZBAU REGEN GMBH
          Gorlitzer Str. 11, 04129 Leipzig
          Contact:
          Matthias Regen, Manager

          Rainer M. Bahr, Administrator
          Nonnenstrasse 37, 04229 Leipzig


JENOPTIK AG: Ratings Affirmed Over Engineering Unit's IPO Plan
--------------------------------------------------------------
Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured
'B+' with Stable Outlook and Short-term 'B'.  Jenoptik's EUR150
million senior notes are also affirmed at 'B+'.

The affirmation follows Jenoptik's announcement that a
substantial part of its facility engineering business, which is
concentrated in M+W Zander Facility Engineering Limited (MWZ
Singapore), would be separated by listing on the Singapore Stock
Exchange.

Fitch acknowledges that Jenoptik has made some progress in
reducing its operational risk by separating the HVAC business
earlier this year (sales of EUR550 million; 1800 employees) and
the listing of the facility engineering business represents a
further step in this direction.  The facilities engineering
business has been the major source of cyclicality for Jenoptik in
the past; due to its heavy exposure to the semiconductor
industry.

The group has also re-confirmed its guidance at the EBIT level
(EUR45 million to EUR60 million) and an EBITDA of approximately
EUR100 million for 2004, mainly driven by increased demand from
the electronics industry.  However, the volatile facility
engineering business will remain consolidated in Jenoptik's
accounts as long as M+W Zander Holding AG continues to hold the
majority of the shares in MWZ Singapore; and hence Fitch does not
expect the group debt to be materially affected by this
transaction.

Fitch also notes that the facilities engineering activities have
benefited from strong cash-advances in the past, to which
Jenoptik may have no direct access after the listing, but will
have to rely on dividends being channeled from its
majority-controlled subsidiary.

Fitch will review Jenoptik's rating, based on the full year 2004
results and additional information regarding the planned IPO that
will be made available later this month to early May.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49-69-7680-76170

          Raymond Hill, London
          Phone: +44 207 417 4314

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


KARSTADTQUELLE AG: Fashion Arm to Close Four Outlets
----------------------------------------------------
The fashion chain unit of KarstadtQuelle AG, SinnLeffers, will
shut down four of its 51 stores in a bid to cut costs, says
Frankfurter Allgemeine Zeitung.

SinnLeffers said the stores are likely to remain unprofitable,
making them a burden to the group's cost-cutting program.  Three
of the chains will be closed by yearend.

SinnLeffers added it will re-absorb 270 employees affected by the
closure, avoiding as many redundancies as possible.  The unit,
however, has yet to determine the number of people to be made
redundant.  SinnLeffers currently employs around 3,000 people.

SinnLeffers is one of the subsidiaries KarstadtQuelle has been
trying to dispose to focus on its core activities.  Other
KarstadtQuelle units for sale are specialty chains Runners Point
and Golf House.  The retail giant said these chains do not have a
good positioning in their market segments.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


LEICA CAMERA: Foresees EUR12.8 Million Operating Loss
-----------------------------------------------------
The Leica Camera Group expects to close fiscal year 2004/2005 (FY
ended March 31) with an operating result of -EUR12.8 million,
instead of the -EUR10 million previously announced.  The
extraordinary loss amounts to EUR2.7 million, which is EUR1.3
million below the forecast figure announced in the Company's
2003/2004 annual report.

The reasons for the change in the operating result are the costs
incurred in establishing the Company's turnaround and financing
strategy, the higher expenditure for the foundation of the
strategically important Japanese sales company, as well as the
additional provisions against possible risks arising from the
Company's obligations vis-a-vis its suppliers to take delivery.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com


LEICA CAMERA: Mulls Reducing Capital by EUR10 Mln
-------------------------------------------------
The Supervisory Board of Leica Camera AG unanimously and jointly
proposed measures with the Board of Management to restore the
capital base of the Company and to finance a restructuring.  A
simplified capital reduction by EUR10.0 million to EUR1.5 million
will be proposed to the shareholders of the Company.  Each three
no-par-value shares are to be combined into one no-par-value
share.  Simultaneously, the capital reserve amounting to EUR4.2
million will be released.  Both measures will be implemented in
order to offset depreciation and other losses totaling EUR14.2
million.

Following the capital reduction it will be proposed to the
Extraordinary General Meeting to increase the share capital to up
to EUR15 million by issuance of up to 13.5 million new
no-par-value bearer shares.  The new no-par-value shares are to
be issued at an issue price of EUR1.70 per no-par-value share and
to be initially offered for subscription to the shareholders at a
ratio of 1:9.  In addition, an authorized capital is to be
created.

The text of the invitation to the General Meeting of Leica Camera
AG to be held on May 31, 2005 will be immediately published in
the electronic Federal Gazette (Elektronischer Bundesanzeiger).

The Chairman of the Board of Management of Leica Camera AG, Ralf
Coenen, 43, resigned from the Board of Management in mutual
agreement.  The Supervisory Board of Leica Camera AG has
appointed Dr. Josef Spichtig, 61, as interim Chairman of the
Board of Management effective from April 18, 2005.  The new
Chairman of the Board of Management has a long experience in the
management and consulting of businesses, also in phases of
restructuring.  A Swiss, Dr. Spichtig has a scientific and a
managerial education.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com


NORDBADISCHE TRANSPORTE: Under Bankruptcy Proceedings
-----------------------------------------------------
The district court of Heidelberg opened bankruptcy proceedings
against Nordbadische Transporte Dieter Emde GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting on June 10, 2005, 12:00 noon at the district court of
Heidelberg, 69115 Heidelberg, Kurfurstenanlage 21, EG, Saal 12 at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  NORDBADISCHE TRANSPORTE DIETER EMDE GMBH
          Lessingstr. 45, 69214 Eppelheim
          Contact:
          Dieter Emde, Manager
          Horst Emde, Manager

          Markus Ernestus, Administrator
          O 3, 11+12, 68161 Mannheim
          Phone: 0621/16680
          Fax: 0621/166811


PAFAMAX BRANDSCHUTZTECHNIK: Declared Insolvent
----------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against PAFAMAX Brandschutztechnik GmbH on May 31, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 17, 2005 to
register their claims with court-appointed provisional
administrator Helmut Achenbach.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 9:30 a.m. at Saal 234, Amtsgericht
Kassel, Friedrichsstrsssse 32-34, 34117 Kassel at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 20, 2005, 9:30 a.m. at the same
venue.

CONTACT:  PAFAMAX BRANDSCHUTZTECHNIK GMBH
          Ellenbacher Strasse 15, 34123 Kassel
          Contact:
          Ingrid Horch, Manager
          Ihringshauser Strasse 105, 34125 Kassel

          Helmut Achenbach, Administrator
          Wilhelmshoher Allee 169, D-34121 Kassel
          Phone: 0561/9324444
          Fax: 0561/9324445


WIBU KLIMAANLAGEN: Under Bankruptcy Proceedings
-----------------------------------------------
The district court of Baden-Baden opened bankruptcy proceedings
against WIBU Klimaanlagen GmbH on March 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 6, 2005 to register their
claims with court-appointed provisional administrator Dr.
Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting on June 6, 2005, 10:40 a.m. at the district court of
Baden-Baden, 76532 Baden-Baden, Gutenbergstr. 17, EG Raum 022, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  WIBU KLIMAANLAGEN GMBH
          Contact:
          Helmut Friedmann and Klaus Hollederer, Managers
          Daimlerstr. 13, 77815 Buhl

          Dr. Ferdinand Kiessner, Administrator
          77855 Achern, Eisenbahnstr.


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Six Bidders Home in on Ailing Carrier
------------------------------------------------------
Of the 14 interested investors in loss-making national carrier
Malev Hungarian Airlines, experts believe only six are serious
bidders, Budapest Business Journal says.

They include Krasair, Argus Capital, Air Europe, Euroinvest,
Aviation Solution and an unidentified Portuguese group.  Aviation
Solution, a company led by former Malev CEO Ferenc Kovacs, had
participated in the government's first privatization tender but
failed to win.  Mr. Kovacs' group offers to cover more routes in
the region if successful.

State privatization agency APV had declared the latest bidding
for the government's 99.9% stake a failure after bidders failed
to meet its expectations.  APV is now holding direct negotiations
with potential buyers.

The failed privatization attempt is the second in less than six
months and the fourth since Hungary rejected communism in 1990.
Bidders reportedly offered only HUF150-200 million for the stake
and refused to shoulder the bulk of the carrier's HUF35 billion
debt.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


===================
K Y R G Y Z S T A N
===================


CEMENS-SELLING: Deadline for Creditors' Claims June 7
-----------------------------------------------------
LLC Cemens-Selling, which recently became insolvent, will accept
all proofs of claim until June 7, 2005 at Bishkek, Toktogula Str.
House 62.  For more information, call (0-312) 64-06-11.


KURULUSH-BANK: Selling Office Furnishings, Cars Next Week
---------------------------------------------------------
The Agency for Reorganization of Banks and Restructuring of Debts
will sell JS Commercial Bank Kurulush-Bank's properties on April
25, 2005, 10:00 a.m.  The public auction will take place at
Bishkek, Shopokova Str. 89.  For sale are five lots of bank and
office equipment, and Volvo cars.  For more information, call
(0-312) 28-08-53.


KYRGYZSERVISKONTRAKT: Sets Public Auction of Assets April 26
------------------------------------------------------------
The bidding organizer and insolvency manager of JSC
Kyrgyzserviskontrakt will sell the company's properties on April
26, 2005, 10:00 a.m.  The public auction will take place at
Bishkek, Lyva Tolstogo Str. 210.  For sale are five lots of
transformers, water reservoir, shed, and pumping equipment.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Kyrgyzserviskontrakt.
Bids must be submitted to the temporary insolvency manager on or
before April 25, 2005.  For more information, call (0-312)
64-82-51.


OATURN: Gives Creditors Until June to Prove Claims
--------------------------------------------------
Joint Enterprise Oaturn, which recently became insolvent, will
accept all proofs of claim until June 7, 2005 at Djalal-Abad
region, Alabuka.  For more information, call (0-3741) 2-13-83.


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Pakcom Renews License in Pakistan
---------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsborsen and Luxembourg Stock Exchange: MIC), on Monday
said that its subsidiary Pakcom agreed with the Pakistan
Telecommunications Authority (PTA) for the renewal of its license
for 15 years.  The payment terms are similar to the terms agreed
in 2004 by Paktel, Millicom's other subsidiary in Pakistan.
Pakcom will pay a license fee of $291 million, with 50% payable
over three years and the remaining 50% payable over the following
ten years.  The company paid the first down payment for the
license April 18.  Pakcom is still in negotiations with the PTA
with regard to the allocation of spectrum.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 17
cellular operations and licenses in 16 countries.  The Group's
cellular operations have a combined population under license of
approximately 399 million people.

                            *   *   *

In February, Millicom reported profit of US$25.9 million for the
fourth quarter of 2004 compared with a loss of US$10.2 million in
the same period a year ago.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327
          Web site: http://www.millicom.com

          ANDREW BEST
          Investor Relations
          Phone:  +44 20 7321 5022


=====================
N E T H E R L A N D S
=====================


HOLLAND EXEL: New Owner to Jumpstart Group Through Arkefly
----------------------------------------------------------
German travel operator TUI, considered the largest in Europe, has
acquired ailing carrier Holland Exel, Borsen Zeitung says.

Following the acquisition, Holland Exel would be renamed Arkefly,
after one of TUI's brand names in the country.  TUI will launch
Arkefly using Holland Exel's four Boeing 767-300s, leased from a
U.S. group.  The travel operator is currently negotiating the
terms of the lease.  TUI will also absorb majority of Holland
Exel's employees.

TUI revealed it paid a seven-digit amount to acquire Holland
Exel.  The amount includes a EUR3 million bridging loan that TUI
granted Holland Exel when the carrier was on the verge of
bankruptcy.

With the takeover, TUI is now locked in a one-on-one battle with
Air France-KLM, which currently dominates the Dutch market for
holiday flights.  TUI expects Arkefly to carry 400,000 passengers
yearly to Turkey, Greece, Tenerife, Egypt, Gambia, the Dominican
Republic, Cuba, Jamaica, Mexico, Brazil, Sri Lanka and Curacao.

CONTACT:  TUI AG
          Karl-Wiechert-Allee 4
          D-30625 Hanover, Germany
          Phone: +49-511-566-00
          Fax: +49-511-566-1098
          Web site: http://www.tui.com


ROYAL SHELL: Forms US$23 Mln Joint Venture with China's SAGC
------------------------------------------------------------
The Shanghai Automotive Group Company Limited (SAGC) and Royal
Dutch/Shell Group of Companies plan to launch a new joint venture
to develop fast lube service facilities for motorists in China.

The new joint venture, Anji Jiffy Lube Automotive Services
Company Limited, will start building a network of fast lube
service outlets this year modeled on the pioneering Jiffy Lube
chain in North America.  The outlets, which will offer motorists
convenient, high quality Jiffy Lube branded preventive
maintenance services, will be a new concept in car maintenance in
China.

Shanghai Automotive Industry Sales Corporation (SAISC), a
subsidiary of SAGC, has a 50% share of the joint venture, and
Shell China Holdings B.V. and Shell (China) Limited hold a 40%
share and 10% share, respectively.  The total investment of the
joint venture is US$23 million.

The joint venture expects to develop about 10 pilot outlets in
Shanghai within the first year of operation, using this
experience to plan for expansion in Beijing and elsewhere in
China.  The outlets will be named "Jiffy Lube Automotive
Preventive Maintenance Centre" and will also display Jiffy Lube
and Anji logos.  Its lubricants products will be mainly provided
by Shell.

By 2015, the joint venture aims to have developed a network of
more than 600 outlets across China and become a leading provider
of automotive preventive maintenance services for the motorists
in China.

The targets reflect the significant growth in vehicle population
in China, which already has 23 million vehicles on the road.  In
terms of new car sales each year, China is now the third largest
in the world, after the U.S. and Japan.  The Chinese automotive
after-sales market is also growing very rapidly as a result of
the rapid increase in its car population.

The strategic partnership is the first of this kind in China
between an energy company and an auto manufacturer.  SAGC is one
of the largest automobile makers in China while Shell Lubricants
is a global leader in finished lubricants.

Shen Jianhua, Vice President of SAGC, said: "The launch of the
joint venture will provide growth value for the sales of SAISC in
future car service and trade areas.  Meantime it also has
strategic significance in elevating the Anji brand in the
national auto after-sales service areas."

David Pirret, CEO of Shell Lubricants, said: "The strength of
this partnership lies in the experience that each party brings to
the joint venture.  SAIC provides a high profile and expertise in
the Chinese motoring market, while we offer premium quality Shell
Helix lubricants and Jiffy Lube, the leading brand in automotive
preventive maintenance services in North America, as well as the
technology and experience of running a successful fast lubes
operation for 25 years.  This partnership enables us to continue
our downstream growth in the service industry and expand into a
brand new market."

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


===========
N O R W A Y
===========


NORTHERN OFFSHORE: Permanently Delists from Oslo Bors
-----------------------------------------------------
On December 15, 2004, Oslo Bors' Board of Directors decided to
extend the period of temporary de-listing for Northern Offshore
Ltd. until April 5, 2005.  As of 4 April 2005 Oslo Bors has not
received any documentation required to re-list the company nor
information that the Company will work to fulfill the
requirements for re-listing.  In accordance with the authority
granted by the Board of Directors on 15 December 2005, Oslo Bors
management consequently made this decision:

"Oslo Bors has in accordance with the Stock Exchange Regulations
of S 25-3 third paragraph decided to permanently de-list the
shares of Northern Offshore Limited with effect from 5 April
2005.

"The decision may be appealed to the Stock Exchange Appeals
Committee within two weeks of receipts of the decision.

"Oslo Bors thanks Northern Offshore Ltd. for its cooperation and
welcomes the company back at a later time."

                            *   *   *

In July, the Supreme Court of Bermuda appointed Mike Morrison
from KPMG Financial Advisory Services Ltd. in Bermuda and Philip
Wallace from KPMG LLP in the U.K. as provisional bankruptcy
managers of Northern Offshore.

CONTACT:  KPMG
          Crown House
          4 Par la Ville
          Hamilton, HM 08
          Bermuda
          Phone: +1 (441) 295-5063
          Fax:   +1 (441) 295-9132
          E-mail: kpmg@kpmg.bm

          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


PAN FISH: Reducing Capital to Cover Losses
------------------------------------------
The Board of Directors of Pan Fish A.S.A. calls shareholders to a
General Meeting on 9 May 2005 at 10:00 a.m. at its office in
Maskinveien 32, Stavanger.

These items have been submitted for consideration:

(a) Election of a person to sign the minutes,

(b) Approval of the summons and agenda,

(c) Approval of the annual accounts and annual report for 2004,

(d) Establish the compensation to the Board of Directors,

(e) Approval of the Auditor's fee,

(f) Election of board members,

(g) Election of members of the election committee,

(h) A brief orientation about the refinancing and why the
    refinancing is needed,

(i) Recommendation regarding reduction of share capital

It is a necessary element in the recommended refinancing of the
Company, that the Company's share capital be reduced by reducing
the nominal value per share from NOK2.00 to NOK0.75 through a
capital reduction in order to cover losses that cannot be covered
in any other way, and through a capital reduction by transfer to
other equity capital.

Implementation of any decisions in respect of items 9b), 10 and
11 below, is contingent upon having obtained a signed refinancing
agreement prior to the Shareholders' Annual Meeting between the
Company and the banks; the lenders of the so-called syndicate
loan, and that Nordea Bank Norge A.S.A. has received confirmation
from Oslo Bors (Norwegian Stock Exchange) that the conversion to
shares will not trigger an obligation to sell.

The Auditor's confirmation pursuant to Section 12.2 of the
Companies Act is incorporated into the Summons as Attachment 1.

Capital Reduction to Cover Losses

As shown in the annual accounts for 2004 the Company has
uncovered losses of NOK550,213,000.  The amount is sufficient to
cover a capital reduction of NOK527,415,228.90 through a
reduction of the share nominal value from NOK2.00 to NOK0.95 per
share.  This capital reduction can be implemented without notice
to the creditors pursuant to the Companies Act section 12.1.1.1,
ref. section 12.5.1.  On this background the Board recommends
that Shareholders' General Meeting decides as:

     (i) The share capital is reduced by NOK527,415,228.90 from
         NOK1,004,600,436 to NOK477,185,207.10 by reducing the
         share nominal value from NOK2 to NOK0.95;

    (ii) The reduction amount shall be used to cover losses that
         cannot be covered in any other way; and

   (iii) Article 4 is amended to:

         "The Company's share capital is NOK477,185,207.10
         distributed on 502,300,218 shares, each with a nominal
         value of NOK0.95."

Capital Reduction to Cover Additional Losses and Transfer to
Other Shareholders' Equity

    In order to achieve flexibility in respect of the
    refinancing, the Board recommends that the share nominal
    value be additionally reduced from NOK0.95 to NOK0.75
    through a capital reduction where:

     (i) NOK22,797,771.10 of the reduction amount is used to
         cover the Company's remaining losses that cannot be
         covered in any other way, and

    (ii) NOK 77,662,272.50 of the reduction amount is
         transferred to reserves that shall be used for purposes
         decided by the Shareholders' General Meeting, ref. the
         Companies' Act section 12.1.3.  The Board recommends
         that the latter part of the reduction be transferred to
         other shareholders' equity.  Also the reduction
         accomplished through transfer to other shareholders'
         equity can be done without notice to creditors,
         provided the Company together with the notice of the
         capital reduction also notifies that the share capital
         is increased by new subscriptions for shares against
         deposits, so that the Company's restricted equity
         capital is at least as high as before this part of the
         reduction.  This condition will be satisfied if the
         share issue recommended in item 11 below is
         implemented.  The implementation of the capital
         reduction in accordance with this item b) is therefore
         conditional on a factual implementation of the share
         issue in item 11

On this background the Board recommends that the Shareholders'
General Meeting decides as:

     (i) The share capital is reduced by NOK100,460,043.60 from
         NOK477,185,207.10 to NOK376,725,163.50 by reducing the
         Share nominal value from NOK0.95 to NOK0.75;

    (ii) NOK22,797,771.10 of the reduction amount shall be used
         to cover losses that cannot be covered in any other
         way, while the remaining NOK77,662,272.50 will be
         transferred to other shareholders' equity;

         At the same time as the capital reduction, a share
         issue will be implemented with the result that the
         Company's restricted equity capital is at least as high
         as before the last mentioned part of the capital
         reduction;

   (iii) This decision is conditional on actual implementation
         of the public share issue recommended in item 11 below;
         and

    (iv) Article 4 is amended to:

         "The Company's share capital is NOK376,725,163.50
         distributed on 502,300,218 shares, each with a nominal
         value of NOK0.75."


(j) The capital increase is a private placing to Nordea\Bank
    Norge A.S.A. and DnB NOR Bank A.S.A. settled by reduction of
    bank debt

The recommended refinancing also implies that Nordea Bank Norge
A.S.A and DnB NOR Bank A.S.A. shall convert NOK500 million of the
Company's debt to equity capital, provided the Company at the
same time implements a cash issue of NOK200 million.  The
subscription price shall correspond to the subscription price
determined by the Board in the public issue, the implementation
of which is recommended in item 11 below, and the number of
shares issued to Nordea Bank Norge A.S.A. and DnB NOR Bank A.S.A.
will depend on the subscription price thus determined.

Because the issue is made to Nordea Bank Norge A.S.A. and DnB NOR
Bank A.S.A., it is necessary to wave the existing shareholders'
preference right to subscribe, ref.  The Company's Act sections
10.4 and 10.5. According to the recommended refinancing, however,
there will also be implemented a public issue where other
shareholders will be able to participate.  The Company's other
shareholders will be preferred in case the issue is
oversubscribed.

Pursuant to the Companies' Act section 10.2, ref. section 2.6, an
expert statement of the banks' settlement is incorporated into
the summons as Attachment 2.

On this background the Board recommends that the Shareholders'
General Meeting decides as:

     (i) The share capital is increased by a minimum of
         NOK150,000,000 and a maximum of NOK375,000,000 through
         an issue of minimum 200,000,000 and maximum 500,000,000
         shares, each with a nominal value of NOK0.75.  The
         final number of shares to be issued will be determined
         when the Board has decided the subscription price in
         accordance with item 4 below, and such number of shares
         shall correspond to the number of shares obtained by
         dividing NOK500 million with the subscription price
         thus decided.  Pursuant to the Companies' Act section
         10.1.2.1, the Board can at its discretion make a final
         decision as to the amount of increase in the share
         capital when the subscription price has been
         determined;

    (ii) Existing shareholders' preference rights pursuant to
         the Companies Act section 10.4 are waived.  The shares
         are subscribed by Nordea Bank Norge A.S.A. and DnB NOR
         Bank A.S.A. under the same internal circumstances as
         their respective shares of the so-called syndicate
         loan;

   (iii) The subscription price shall be minimum NOK1.00 and
         maximum NOK2.50 and shall correspond to the
         subscription price decided by the Board in the public
         issue described in item 11 below.  Pursuant to the
         Companies Act section 10.1.2.3, the Board has authority
         to decide the subscription price within these
         parameters.  The subscription amount shall be settled
         through a set-off against a corresponding part of the
         Company's debt to the subscribers according to the so-
         called syndicate loan, ref. the Companies Act section
         10.2.1.1;

    (iv) The shares are subscribed the day following the end of
         the subscription period in the public issue provided
         this issue is fully subscribed, but no later than 3
         June 2005.  The subscription is contingent upon the
         Company's obtaining gross proceeds of NOK200 million
         through the issue described in item 11, and the
         settlement [offset] will therefore be contingent upon,
         and will only be implemented after, the Company's
         auditor's written confirmation to the subscribers
         that this amount has been received into the Company's
         share issue account;

     (v) The new shares carry rights to any dividends
         distributed after the new shares are issued.  Moreover,
         the new shares carry rights in the Company from the
         time of registration of the share capital increase;

    (vi) Article 4 of the Articles of Association is amended to
         show the actual share capital, number of shares and
         their nominal value after the capital increase;

(k) Public Share Issue

The recommended refinancing is conditional on a public share
issue being implemented that will give the Company gross proceeds
of NOK200 million to strengthen the Company's equity capital and
to further reduce the Company's debt ratio.  The refinancing,
including the capital reduction in item 9b) and the debt
conversion in item 10, is contingent upon the Company's actually
receiving this amount through the public issue.

The reason for recommending the implementation of a public issue
instead of a preemptive rights issue, is the actual size of the
issue; that a public issue provides greater flexibility for,
among other matters, to decide the subscription price, as well as
the wish to achieve a larger distribution of shares.  A public
issue necessitates that existing shareholders' pre-emptive rights
to subscribe, are waived, ref. the Companies Act sections 10. 4
and 10.5.  However, like other investors, existing shareholders
will be able to subscribe for shares in the public issue and will
be given priority in case of oversubscription.

The issue will be implemented at a subscription price determined
by the Board within the interval defined in item 3 of the
recommendation to decide a share issue.  The subscription price
shall be market based and will only be decided when the
subscription period has expired.  The prospect for the issue will
contain a more detailed description of the principals used by the
Board when the subscription price is determined.

On this background the Board recommends that the Shareholders'
General Meeting decides as:

     (i) The share capital is increased by a minimum of
         NOK60,000,000 and a maximum of NOK150,000,000 through
         the issue of a minimum of 80,000,000 and a maximum of
         200,000,000 shares, each with a nominal value of
         NOK0.75.  The purpose of the issue is to bring in
         gross proceeds of NOK200 million.  The final number of
         shares to be issued will be determined when the Board
         has decided the subscription price in accordance with
         item 3 below, and such subscription price shall
         correspond to the number of shares obtained when
         dividing NOK200 million with the subscription price
         that is determined.

         Pursuant to the Companies Act section 10.1.2.1 the
         Board has the authority to finally decide the amount of
         increase in the share capital when the subscription
         price has been determined.  Implementation of the issue
         is contingent upon the Company's receiving gross
         proceeds of NOK200 million from the issue.

    (ii) The shares shall be subscribed in a public issue and
         the Company's existing shareholders' pre-emptive rights
         pursuant to the Companies Act section 10.4 are waived.
         The Board is given authority to establish criteria for
         allocation of shares, provided, however, that the
         Company's existing shareholders are given priority in
         case the share issue is oversubscribed.

   (iii) The subscription price shall be minimum NOK1.00 and
         maximum NOK2.50.  Pursuant to the Companies Act section
         10.1.2.3, the Board may at its discretion determine the
         final subscription price.

    (iv) The subscription period is from and including 13 May
         2005 to and including 27 May 2005.

     (v) Payment of the subscription amount shall take place no
         later than 2 June 2005 to the Company's nearest share
         issue account as shown in the prospect.

    (vi) The new shares carry rights to any dividends to be
         distributed after the new shares are issued.  Moreover,
         the new shares carry rights in the Company from the
         time of registration of the share capital increase.

Article 4 of the Company's Articles of Association is amended to
show the share capital and the number of shares and their nominal
value after the share capital increase.

(l) Amending the Articles of Association

In order to bring the Company's Articles of Association in line
with the recommended Corporate Governance, the Board recommends
that the Article defining the Company's type of business is
amended to read as:

     Articles 3 of the Articles of Association is amended to
     read as:

     The Company's business is production, processing, sale and
     distribution of seafood and products associated with
     seafood production and, either directly or through
     ownership of shares, participate in other companies and
     in all activities associated with this.

The Annual Accounts, the Annual Report and the Auditor's Report
have been distributed earlier.

The Shareholders' General Meeting will be opened by the Chairman
of the Board of Directors.

All shareholders who want to be present, are kindly asked to send
their registration to Pan Fish A.S.A. early enough to have been
received by us prior to 5 May 2005.  If you wish to be
represented by proxy, please include the proxy's name and
authority in the registration.

Any authority assigned to the Chairman of the Board of Directors
should be at Pan Fish A.S.A. no later than 5 May 2005.

Cordially,
Pan Fish ASA
Gabriel Smith
Chairman of the Board of Directors

CONTACT:  PAN FISH
          Atle Eide, CEO
          Mobile: +47 911 52 977


PAN FISH: Refinancing via NOK500 Mln Debt Conversion
----------------------------------------------------
Pan Fish has in cooperation with DnB NOR and Nordea reached a
refinancing agreement where the two banks will convert NOK500
million of the company's debt to equity.  It is a premise for
this that the company carries through a share issue of NOK200
million.  The refinancing will make Pan Fish an independent and
focused fish farming company with a strong solidity.  The equity
will be in the area of 35% after the share issue and conversion,
with zero goodwill and very low license values.

"After two years of targeted strategic, financial and operational
restructuring Pan Fish now carries out its final refinancing.
Through a long term financing adapted to the company's level of
ambition, Pan Fish finally has a financial situation which
enables us to compete and accelerate the rebuilding of the
company as a leading global supplier of quality Atlantic salmon,"
says Atle Eide CEO in Pan Fish.

He continues: "With the strengthening of the balance sheet the
company has a financial platform that enable us to reach our
ambitious production cost targets even with relatively low salmon
prices through the rebuilding phase."

The refinancing proposal implies that Nordea Bank Norge A.S.A.
and DnB NOR A.S.A. will convert NOK500 million of the company's
debt to equity.  It is a premise for this that the company
carries through a share issue of NOK200 million.

It is a necessary element in the refinancing proposal that the
company's current share capital is reduced trough a write down of
the share's par value from NOK2,00 to NOK0,75.  This will be
carried out trough a capital reduction partly to meet uncovered
losses and partly transferred to other equity.  The capital
reduction presupposes that a refinancing agreement between the
company and the syndicate banks has been reached prior to the
shareholders general meeting, and that Nordea Bank Norge A.S.A.
has received confirmation from the Oslo Stock Exchange that the
conversion of debt does not trigger a mandatory offer to all
other shareholders.

"Pan Fish as a company, our customers, employees and business
associates have been through a long period of financial
turbulence and insecurity.  It is with great satisfaction that I
now can announce that Pan Fish is well set for the future, both
operationally and financially.  In Pan Fish we have over the two
last years focused on reducing the production cost which has
proven a continuous declining trend.  This gives us comfort in
our ability to reach our clearly defined target of becoming the
lowest cost producer of quality salmon.  As a result of our focus
on reducing costs we were able to present an EBITDA improvement
of NOK400 million in 2004 compared to the year before.  In
combination with other defined operational improvements this sets
Pan Fish in a position to deliver a sustainable and profitable
growth such that we can recapture the position as one of the
leading producers of quality Atlantic salmon," says Mr. Eide.

As communicated during the presentation of the fourth quarter
2004 financial results, the Pan Fish Group targets for 2005 are a
production of 53,200 tons salmon (gutted weight) and a harvesting
of 48,800 tons salmon (gw) in the equivalent period.  The target
for 2007/2008 is a production of 76 to 95,000 tons salmon (gw),
which will place Pan Fish as one of the largest integrated salmon
companies in the world.

Based on the strategy of lowest cost production Mr. Eide
concludes: "The history over the last 15 to 20 years has proven
that the companies that have had a strict focus on production
cost and quality also has proven a satisfactory shareholder
return.  This is the target we are working hard to achieve in Pan
Fish."

For additional information regarding the refinancing, see notice
to the shareholders general meeting  posted at the Oslo Stock
Exchange, http://www.ose.no

CONTACT:  PAN FISH A.S.A.
          Atle Eide, CEO
          Phone: +47 911 52 977


===========
R U S S I A
===========


CARBON: Bankruptcy Proceedings Begin
------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Carbon after finding the close joint stock
company insolvent.  The case is docketed as A47-5816/2004-14gk.
Ms. Y. Ustimova has been appointed insolvency manager.  Creditors
have until May 19, 2005 to submit their proofs of claim to
460024, Russia, Orenburg, Turkestanskaya Str. 10A.

CONTACT:  CARBON
          Russia, Orenburg region,
          Ilekskaya Str. 1A

          Ms. Y. Ustimova
          Insolvency Manager
          460024, Russia, Orenburg region,
          Turkestanskaya Str. 10A


FRUNZENSKIY WOOD-PROM-KHOZ: Proofs of Claim Deadline May 19
-----------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Frunzenskiy
Wood-Prom-Khoz.  The case is docketed as A19-29186/04-29.  Mr. V.
Pulyaevskiy has been appointed temporary insolvency manager.
Creditors have until May 19, 2005 to submit their proofs of claim
to 664081, Russia, Irkutsk-81, Post User Box 5604.

CONTACT:  FRUNZENSKIY WOOD-PROM-KHOZ
          Russia, Irkutsk region, Chunskiy region,
          Targiz, Pionerskaya Str. 3

          Mr. V. Pulyaevskiy
          Temporary Insolvency Manager
          664081, Russia, Irkutsk-81,
          Post User Box 5604
          Phone/Fax: 8 (3952) 54-11-89


KARASEVSKIY: Bankruptcy Hearing Resumes Next Month
--------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company Karasevskiy.
The case is docketed as A68-3/B-05.  Mr. M. Voloshkin has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 300002, Russia, Tula, Arsenalnaya Str.
1D.  A hearing will take place on May 31, 2005.

CONTACT:  KARASEVSKIY
          Russia, Tula region,
          Volovskiy region, Karasi St.

          Mr. M. Voloshkin
          Temporary Insolvency Manager
          300002, Russia, Tula region,
          Arsenalnaya Str. 1D


KYZYLSKIY MEAT: Declared Insolvent
----------------------------------
The Arbitration Court of Tyva republic commenced bankruptcy
proceedings against Kyzylskiy Meat Combine after finding the open
joint stock company insolvent.  The case is docketed as
A69-920/02-6(11).  Mr. S. Mongush has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 667000,
Russia, Tyva republic, Kyzyl, Kochetova Str. 1, Office 6.

CONTACT:  Mr. S. Mongush
          Insolvency Manager
          667000, Russia, Tyva republic, Kyzyl,
          Kochetova Str. 1, Office 6


RAY-GOROD-STROY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on open joint stock company
Ray-Gorod-Stroy.  The case is docketed as A12-965/05-s57.  Mr. A.
Tokarev has been appointed temporary insolvency manager.  A
hearing will take place on June 1, 2005, 10:00 a.m.

CONTACT:  RAY-GOROD-STROY
          404173, Russia, Volgograd region,
          Svetloyarskiy region, Raygorod

          Mr. A. Tokarev
          Temporary Insolvency Manager
          400050, Russia, Volgograd region,
          Post User Box 1961


REINFORCED CONCRETE: Ulyanovsk Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on LLC Factory of Reinforced
Concrete Goods (TIN 7302022405).  The case is docketed as
A72-11868/04-19/34-B.  Ms. T. Travkina has been appointed
temporary insolvency manager.  A hearing will take place on June
9, 2005.

CONTACT:  FACTROY OF REINFORCED CONCRETE GOODS
          Russia, Ulyanovsk region, Dimitrovograd,
          Promyshlennaya Str. 5

          Ms. T. Travkina
          Temporary Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 936


SIBAYSKIY FACTORY: Under Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Sibayskiy Factory of Alcoholic Beverages Sibay Alco (TIN
0267009420).  The case is docketed as A07-41391/04-G-PAV.  Mr. V.
Iskandarov has been appointed temporary insolvency manager.

CONTACT:  Mr. V. Iskandarov
          Temporary Insolvency Manager
          453830, Russia, Bashkortostan republic,
          Sibay, Vostochnoye Str. 8
          Phone: (34775) 2-34-33, 3-05-91


SPETS-TRANS-SERVICE: Hires A. Sobitnyuk as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Spets-Trans-Service (TIN 7302023543) after
finding the state-owned enterprise insolvent.  The case is
docketed as A72-6282/04-17/21-b.  Mr. A. Sobitnyuk has been
appointed insolvency manager.  Creditors have until May 19, 2005
to submit their proofs of claim to 433513, Russia, Ulyanovsk
region, Dimitrovograd, Post User Box 968.

CONTACT:  SPETS-TRANS-SERVICE
          433510, Russia, Dimitrovograd,
          Eniseyskiy Per. 1b

          Mr. A. Sobitnyuk
          Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 968


UNITED THERMAL: Gives Creditors Until May to File Claims
--------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against United Thermal Energy Enterprise (TIN
5753030483) after finding the close joint stock company
insolvent.  The case is docketed as A29-230/05-3B.  Mr. V.
Solomatin has been appointed insolvency manager.  Creditors have
until May 19, 2005 to submit their proofs of claim to 302026,
Russia, Orel, Komsomolskaya Str. 88, Room 11.

CONTACT:  UNITED THERMAL ENERGY ENTERPRISE
          303028, Russia, Orel region,
          Gurtyeva Str. 27, Building 2

          Mr. V. Solomatin
          Insolvency Manager
          302026, Russia, Orel region,
          Komsomolskaya Str. 88, Room 11
          Phone/Fax: (0862) 77-77-15


VICHUG-SNAB: Declared Insolvent
-------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Vichug-Snab after finding the open joint
stock company insolvent.  The case is docketed as
A17-1235/05-14B.  Mr. S. Savrasov has been appointed insolvency
manager.

CONTACT:  VICHUG-SNAB
          155330, Russia, Ivanovo region,
          Vichuga, Shevchenko Str. 1B

          Mr. S. Savrasov
          Insolvency Manager
          155330, Russia, Ivanovo region,
          Vichuga, Shevchenko Str. 1B


YUKOS OIL: Igor Chernov Named CEO of Siberian Joint Venture
-----------------------------------------------------------
Mol Rt. of Hungary and OAO Yukos Oil Co. named Igor Chernov chief
executive of their Siberian production venture after his
predecessor's arrest, Balazs Penz at Bloomberg News reports,
citing the daily Napi Gazdasag.  The previous CEO, Igor Vitke,
was detained in March 2005 on charges that the company pumped
more oil than its license allowed, the Napi said.

OAO Yukos and Mol Rt. each own a 50% interest in the venture.

Headquartered in Moscow, Russia, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection in
the U.S. on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).
Zack A. Clement, Esq.; C. Mark Baker, Esq.; Evelyn H. Biery,
Esq.; John A. Barrett, Esq.; Johnathan C. Bolton, Esq.; R. Andrew
Black, Esq.; and Fulbright & Jaworski, LLP represent the Debtor
in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it listed $12,276,000,000 in total
assets and $30,790,000,000 in total debt.  (Yukos Bankruptcy
News, Issue No. 19; Bankruptcy Creditors' Service, Inc.,
215/945-7000)

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com

          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

          Press Service
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


YUKOS OIL: Abandons Appeal of Bankruptcy Ruling
-----------------------------------------------
The Bankruptcy Court on Feb. 24, 2005 granted Deutsche Bank AG's
request to dismiss Yukos Oil Company's Chapter 11 case.  On
February 25, Yukos filed a request for new trial and asked the
Bankruptcy Court to stay the Dismissal Order.  The Bankruptcy
Court denied Yukos' request on March 3.

Yukos appealed from the Bankruptcy Court's Dismissal Order to the
U.S. District Court for the Southern District of Texas.  Yukos
asked the Bankruptcy Court to impose a stay on the Dismissal
Order pending resolution of the appeal.  That request was
similarly denied.

Yukos turned to the District Court to impose the stay.  After
hearing arguments on March 9, 2005, District Court Judge Nancy F.
Atlas issued a memorandum opinion on March 18, denying Yukos'
request for a stay.

On March 22, 2005, Yukos announced that it was dropping the
appeal.  Yukos determined to continue to pursue all legal means
in other forums to stop expropriation of assets by the Russian
Authorities.

Zack A. Clement, Esq., at Fulbright & Jaworski, LLP, in Houston
Texas, notes that the record in the appeal has not been assembled
by the clerk of court and the appeal has not been docketed
pursuant to Rule 8007(b) of the Federal Rules of Bankruptcy.

Thus, the appeal may be dismissed on the filing of a stipulation
of dismissal signed by all the parties pursuant to Bankruptcy
Rule 8001(c)(1).

Yukos and Deutsche Bank are the sole parties to the appeal.  The
parties stipulate that the appeal filed by Yukos is voluntarily
dismissed.  In accordance with the parties' stipulation, Judge
Atlas dismissed Yukos' appeal with each party to bear its own
costs.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


=========
S P A I N
=========


ADRA EMPRESA: Declares Bankruptcy
---------------------------------
A Madrid court has declared construction group Adra Empresa
Constructora insolvent, Expansion says.

Adra, which filed for bankruptcy in 2003, has been hounded by
liquidity problems.  Oddly, at the time of its filing, the
company's business was on a downward swing while the local
construction sector was on the rebound.

The group went into receivership the same year upon the demand of
three of its suppliers.  Sources close to Adra said the group had
enough liquidity to pay its liabilities and get out of
receivership.  Adra's business, however, continued to sour and
ultimately forced the company to declare insolvency with a
EUR140,000 debt.

CONTACT:  ADRA EMPRESA CONSTRUCTORA S.A.
          Cl. Samaria, 3
          28009 Madrid
          Phone: 914009910
          Fax: 915747660


GENEROS FERRYS: On the Brink of Receivership
--------------------------------------------
Clothing firm Generos de Punto Ferrys might be placed into
receivership, El Pais says.

Despite posting close to EUR1 million profit in 2003, Ferrys
financial liabilities swelled to around EUR40 million, including
EUR19 million in social security and tax debt.  The group's
financial difficulties persisted even after reducing workers from
1,800 to 500 and modernizing its facilities.  It also received
aid from the government.

CONTACT:  GENEROS DE PUNTO FERRYS S.A.
          Av. Corts Valencianes 81
          Bajo 46650 Canals Valencia
          Phone: +34 (6) 224 01 00
          Fax: +34 (6) 224 53 63
          Web site: http://www.ferrys.es


=====================
S W I T Z E R L A N D
=====================


SWISS INTERNATIONAL: To Renew Labor Deal with Swiss Pilots
----------------------------------------------------------
The Swiss Board of Directors served notice to terminate the
company's Collective Labour Agreement (CLA) with the Swiss Pilots
Association effective Oct. 31, 2005, in accordance with the
agreement's notice provisions.  Swiss will continue to conduct
its negotiations with the union on a new CLA, which were
initiated at the end of January.  The Swiss Pilots Association
has been informed of Swiss's action in serving notice on the
present CLA, which was required for contractual reasons.

As part of its overall renegotiation of its employees' terms and
conditions of employment, Swiss has already served due notice to
terminate its existing CLAs with its ground personnel and its
cabin crew corps.  Agreement has already been reached on a new
CLA for Swiss-based ground personnel, which entered into effect
on April 1, 2005.

Swiss will continue to strive to find viable and forward-looking
solutions together with its social partners, which secure as many
jobs as possible in the longer term.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


=============
U K R A I N E
=============


CHAPAYEVSKE: Claims Filing Period Ends Next Week
------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Chapayevske (code EDRPOU 00849037) on
February 24, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 25/42.  Ms. Alekseyeva
Ludmila has been appointed liquidator/insolvency manager.  The
company holds account number 26005303290403 at JSCB National
credit.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) CHAPAYEVSKE
    70030, Ukraine, Zaporizhya region,
    Vilnyansk district, Mihajlivka,
    Slobodchikov Str. 11

(b) Ms. Alekseyeva Ludmila,
    Liquidator/Insolvency Manager
    70410, Ukraine, Zaporizhya region,
    Zaporizhya district, Lukashevo,
    Shasliva Str. 5

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


DEKADA: Poltava Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Dekada (code EDRPOU 32802595) on March 3,
2005 after finding the limited liability company insolvent.  The
case is docketed as 7/17.  Mr. O. Zayichenko (License Number AA
216802) has been appointed liquidator/insolvency manager.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) DEKADA
    Ukraine, Poltava region,
    Kremenchuk, Profspilkova Str. 1

(b) Mr. O. Zayichenko
    Liquidator/Insolvency Manager
    Ukraine, Poltava region,
    Kremenchuk, Zhovtneva Str. 7/80
    Phone: (0536) 63-26-53

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


ENGINEERING: Liquidator Takes over Helm
---------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against engineering association Engineering (code
EDRPOU 30794991) after finding the limited liability company
insolvent.  The case is docketed as 01/38/97.  Smila State Tax
Inspection has been appointed liquidator/insolvency manager.  The
company holds account number 26007051500081 at CB Privatbank,
Smila branch, MFO 354347.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) ENGINEERING ASSOCIATION ENGINEERING
    Ukraine, Cherkassy region,
    Smila, Mazura Str. 24

(b) SMILA STATE TAX INSPECTION
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Smila, Lenin Str. 76

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


GLAVANBUDMATERIALI: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on JSCCT Glavanbudmateriali on March 15,
2005.  The case is docketed as 2/7-05-138.  Mr. Volodimir Ajmedov
(License Number AA 249862) has been appointed temporary
insolvency manager.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) GLAVANBUDMATERIALI
    68434, Ukraine, Odesa region,
    Artsizskij district, Glavani

(b) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko Avenue, 4


LIK-X: Last Day for Filing Claims April 25
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Lik-X
(code EDRPOU 20276224).  The case is docketed as B 29/190/04.
Mr. D. Komarnitskij (License Number AB 116109) has been appointed
temporary insolvency manager.  The company holds account number
26005129007001 at CJSC CB Privatbank, MFO 305299.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) LIK-X
    49000, Ukraine, Dnipropetrovsk region,
    Zaporizke Shoes Str. 60/131

(b) Mr. D. Komarnitskij
    Temporary Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Korobova Str. 1/56
    Phone: 780-22-72

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


MIKROTEST: Creditors' Claims Due Next Week
------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Mikrotest (code EDRPOU 32969316) on March 14,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/41-29/29.  Mr. Oleg Vinyarskij (License
Number AA 487814) has been appointed liquidator/insolvency
manager.   The company holds account number 2600627345 at OJSC CB
Dnister, MFO 325569.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) MIKROTEST
    79054, Ukraine, Lviv region,
    Vigorskij Str. 65/38

(b) Mr. Oleg Vinyarskij
    Liquidator/Insolvency Manager
    79020, Ukraine, Lviv region,
    Varshavska Str. 66/21

(c) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


ORIGINAL: Bankruptcy Supervision Starts
---------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Original (code EDRPOU 193310080).  The
case is docketed as B 40/172/04.  Mr. I. Senchenko (License
Number AB 116194) has been appointed temporary insolvency
manager.  The company holds account number 26000009320101/980 at
JSPPB Aval, Pavlograd branch, MFO 306726.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) ORIGINAL
    51400, Ukraine, Dnipropetrovsk region,
    Pavlograd, Poshtova Str. 3/18

(b) Mr. I. Senchenko
    Temporary Insolvency Manager
    49017, Ukraine, Dnipropetrovsk region,
    Petrovskij Avenue, 50-a/13

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


SANTARES-ARES: Gives Creditors Until Next Week to File Claims
-------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Santares-Ares (code EDRPOU 31140270) on March
1, 2005 after finding the company insolvent.  The case is
docketed as 23/185-B.  Mr. Sergij Kalinichenko has been appointed
liquidator/insolvency manager.  The company holds account number
26009285445001 at CB Privatbank, Kyiv region regional branch, MFO
321842.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) SANTARES-ARES
    04070, Ukraine, Kyiv region,
    Pochajnivska Str. 38/44

(b) Mr. Sergij Kalinichenko
    Liquidator/Insolvency Manager
    03150, Ukraine, Kyiv region,
    Anri Barbus Str. 40-A, office 23

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


SILGOSPTEHNIKA: Succumbs to Insolvency
--------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Silgosptehnika (code EDRPOU 00903707) on
February 24, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 5/4/131 B.  Mr. Mikola
Kinalevskij (License Number AB 116195) has been appointed
liquidator/insolvency manager.

CONTACT:  SILGOSPTEHNIKA
          13400, Ukraine, Zhitomir region,
          Andrushivka, Mikola Lisenko Str. 8

          Mr. Mikola Kinalevskij
          Liquidator/Insolvency Manager
          Phone: (0412) 22-36-56


===========================
U N I T E D   K I N G D O M
===========================


ACE INVESTMENTS: Sets General Meeting Next Month
------------------------------------------------
The general meeting of Ace Investments Limited will be on May 17,
2005 at 12:00 noon.  It will be held at the offices of Valentine
& Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS not later than 12:00 noon, May 16, 2005.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


A. H. ISLINGTON: In Administrative Receivership
-----------------------------------------------
HSBC Bank Plc appointed N. A. Bennett and K. D. Goodman (Office
Holder Nos 9083, 2407) joint administrative receivers for A. H.
Islington Limited (Reg No 04744033, Trading Name: Seraphin
Restaurant).  The application was filed April 5, 2005.  The
company manages restaurants.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


A.S. & R.E.: Liquidator from Smith & Williamson Moves in
--------------------------------------------------------
At the extraordinary general meeting of A.S. & R.E. Perkins
Limited on March 22, 2005 held at Old Library Chambers, 21
Chipper Lane, Salisbury, Wiltshire SP1 1BG, the subjoined special
resolution to wind up the company was passed.  Kevin James Wilson
Weir of Smith & Williamson has been appointed liquidator of the
company.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Notebeme House
          84 High Street
          Southampton
          Hampshire SO14 2NT
          Phone: 02380 831 050
          Fax: 02380 831 051
          E-mail: KW2@smith.williamson.co.uk


AXIS (GLOBAL): Appoints Pure Recovery Administrator
---------------------------------------------------
Stephen John Evans and Ian Timothy Brown (IP Nos 8759, 9001) have
been appointed joint administrators for Axis (Global) Limited.
The appointment was made April 6, 2005.  Its registered office is
located at John Stow House, 18 Bevis Marks, London EC3A 7ED.

CONTACT:  PURE RECOVERY
          141-143 Shoreditch High Street
          London E1 6JE
          E-mail: tim.brown@purerecovery.com


BEECHTREE CORPORATE: Administrators from Grant Thornton Move in
---------------------------------------------------------------
Keith Hinds (IP No 6745) and Leslie Ross (IP No 7244) have been
appointed administrators for Beechtree Corporate Clothing
Limited.  The appointment was made April 6, 2005.

The factory manufactures workwear.  Its registered office is
located at Beech Hill Mills, Raglan Street, Halifax, West
Yorkshire HX1 5QX.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


BISHOPSWOOD HOUSE: Deadline for Proofs of Claim Set Next Month
--------------------------------------------------------------
At the extraordinary general meeting of Bishopswood House Limited
on April 5, 2005 held at 66 Westminster Gardens, Marsham Street,
London SW1P 3JG, the special resolution to wind up the company
was passed.  Stephen Robert Cork and Joanne Elizabeth Milner of
Smith & Williamson Limited have been appointed joint liquidators
of the company.

Creditors are required to send their proofs of debt in writing to
Stephen Robert Cork and Joanne Elizabeth Milner, of Smith &
Williamson Limited, Prospect House, 2 Athenaeum Road, London N20
9YU on or before May 13, 2005.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601


CENTRAL HYDRAULICS: Names Moore Stephens Administrator
------------------------------------------------------
Steven Draine and David Rolph (IP Nos 8866, 5930) have been
appointed joint administrators for Central Hydraulics Limited.
The appointment was made April 7, 2005.  The shop is into
hydraulic maintenance.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


COBURG DIRECT: Creditors to Meet Next Week
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Coburg Direct Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of the creditors of Coburg Direct
Limited will be held within Cowan & Partners CA, 60 Constitution
Street, Leith on April 26, 2005 at 11:00 am, for the purposes
mentioned in Sections 99, 100 and 101 of the said Act.

A list of the names and addresses of the company's creditors may
be inspected, free of charge, at the offices of Cowan & Partners,
60 Constitution Street, Leith, Edinburgh EH6 6RR two business
days prior to the meeting.

By Order of the Board,
Alasdair Johnstone Smith, Director
April 11, 2005

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


COUNTRY CARE: Final General Meeting Set Third Week of May
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Country Care (Nursing Homes) Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Country Care (Nursing
Homes) Limited will be held at Ten George Street, Edinburgh EH2
2DZ on May 19, 2005 at 10:00 a.m. for the purpose of having a
final account laid before it showing how the winding-up of the
company has been conducted and the property of the company
disposed of, and of hearing any explanations that may be given by
the liquidator.

Members are entitled to attend in person or alternatively by
proxy.  A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies must be lodged with me
at or before the meeting.

T. M. Burton, Liquidator
April 7, 2005

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


COURTS PLC: To Sell Malaysian Subsidiary, Report Says
-----------------------------------------------------
Furniture retailer Courts plc plans to sell a 50.1% stake in
Malaysian unit Courts Mammoth Bhd to help it secure maximum value
for creditors, according to Malay Mail.  The firm could open the
bidding by the end of June, the report said.

Tesco Malaysia shareholder Sime Darby Bhd is rumored likely to
participate.

Earlier, TCR-Europe reported that KPMG, the administrator of
Courts, is planning to sell healthy units in the Caribbean and
Asia-Pacific.  Courts' international businesses extend on one
side from St. Lucia to Barbados and the other from Thailand to
Singapore.

Courts fell into administration in November after failing to
revive its British arm.  It has debt of GBP280 million at the
time.  Courts' 88 British stores are now being run by retail
specialist SB Capital, pending a winding down of domestic
business.

CONTACT:  COURTS PLC
          The Grange
          1 Central Rd.
          Morden Surrey SM4 5PQ
          Phone: +44-20 8640 3322
          Fax: +44-20 8410 9444
          Web site: http://www.courtsplc.com


CREMATORIA INVESTMENT: General Meeting of Members Set May
---------------------------------------------------------
The final general meeting of the members of Crematoria Investment
Company Limited will be on May 25, 2005 at 11:00 a.m.  It will be
held at the offices of Benedict Mackenzie, 3-4 The Courtyard,
East Park, Crawley, West Sussex.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Benedict Mackenzie, 3-4 The Courtyard, East Park, Crawley, West
Sussex not later than 12:00 noon, May 24, 2005.

CONTACT:  BENEDICT MACKENZIE
          4 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


DAMOVO GROUP: EUR350 Million Senior Secured Notes Rated 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.-based telecommunications services
provider Damovo Group S.A.  The outlook is stable.

At the same time, the EUR350 million senior secured notes due
2012 -- split between a fixed- and a floating-rate tranche to be
issued by Damovo's Luxembourg-based guaranteed subsidiary, Damovo
III S.A. -- were rated 'CCC+' and assigned a recovery rating of
'4'.

"The rating on Damovo reflects the group's limited size and
diversification in the competitive information and communication
technology market, aggressive leverage, and adequate liquidity,"
said Standard & Poor's credit analyst Patrice Cochelin.

At Jan. 31, 2005, Damovo had about EUR665 million (US$858
million) in lease-adjusted debt, excluding subordinated
shareholder loan notes.

The leverage is only partly offset by Damovo's sound client
portfolio in the public sector (65% of revenues in 2004).

Damovo benefits, however, from its strong presence and track
record in the growing public sector customer segment of the
highly fragmented telecoms services industry.

"The notes carry a 'CCC+' issue rating, which is two notches
below the corporate credit rating, and a recovery rating of '4',
reflecting limited recovery prospects in a default scenario as a
result of structural subordination and the group's thin tangible
asset base," Mr. Cochelin said.

The 'CCC+' rating on the notes is two notches below the corporate
credit rating; this and the '4' recovery rating indicate that the
noteholders can expect marginal (25%-50%) recovery of principal
in the event of a default.

The notes are issued by a subsidiary of Damovo, Damovo III S.A.,
which is also a holding company.  The notes are therefore
structurally subordinated to trade payables and other
liabilities, including factoring, at the operating company level.

We expect that Damovo will maintain its revenues and EBITDA at
about current levels, which should enable it to gradually build
up small amounts of cash after meeting the coupon on the notes.

This assumes, however, that the group successfully transforms its
prospect funnel into an order backlog of profitable contracts to
offset its gradually maturing pool of existing contracts,
particularly Interpolizie in Italy.  No additional indebtedness,
shareholder payments, or other credit-dilutive transactions are
factored into the rating.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media
may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


DURSLEY STEEL: Calls in Administrators from Numerica
----------------------------------------------------
Mark Peter George Roach and Graham David Randall (IP Nos 9231,
9051) have been appointed joint administrators for Dursley Steel
Fabrications Limited.  The appointment was made April 12, 2005.
The factory fabricates steel.

CONTACT:  NUMERICA LLP
          Crown House,
          37-41 Prince Street, Bristol BS1 4PS
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          Web site: http://www.numerica.biz


EUROTUNNEL PLC: Total Revenue Up 2% in First Quarter
----------------------------------------------------
Channel Tunnel operator, Eurotunnel plc, on Monday revealed
revenue and traffic figures for the first quarter of 2005.

Revenue

The total operating revenue for the period, including revenues
from transport and non-transport activities, is GBP130.8 million.
This represents an increase of 2% compared to the first quarter
of 2004, at constant exchange rates.

Shuttle revenues increased by 7%, at constant exchange rates
compared to the first quarter of 2004, in a period of favorable
market conditions.

Railway revenues increased 1% to GBP58.7 million.  This includes
payments due under the Minimum Usage Charge arrangements
amounting to GBP20.4 million in the first quarter.

The revenue from non-transport activities remains marginal.  The
reduction of GBP1.9 million is due largely to the absence of
non-recurrent revenues (land sales in first quarter 2004) in the
first quarter of 2005.

OPERATING REVENUE     Q1 2005     Q1 2004      %     Q1 2004

GBP MILLION            draft     restated*  change  reported **
                     unaudited*

Shuttle services         70,0        65,4     7%        64,1

Railways                 58,7        58,4     1%        57,5

Transport activities    128,7       123,8     4%       121,6

Non-transport             2,1         4,0   -48%         4,0
activities

Operating revenue       130,8       127,8     2%       125,6

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* exchange rate = GBP1 = EUR1.452
** exchange rate = GBP1 = EUR 1.502
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                      Eurotunnel Shuttle Services

Truck Shuttles

Eurotunnel carried 345,570 trucks in the first quarter of 2005,
an increase of 6% compared to 2004.  The increase in traffic
follows the introduction of the new freight strategy at the start
of the year.  Eurotunnel also benefited from the widespread
disruption to ferry services throughout the first quarter due to
a combination of severe weather, reduced berthing capacity at the
port of Calais, and continuing industrial action by French
seafarers.  Average yields were higher in 2005 also contributing
to the increase in revenue.

Passenger Shuttles

Eurotunnel carried 438,804 cars, an increase of 4% compared to
2004.  Eurotunnel has pursued a policy of product differentiation
for its Passenger car services and has improved the product mix,
increasing short break and long stay activity.

The Passenger car market has been erratic during the first
quarter of 2005 due to the uncertainty of ferry services and
disruptions at the port of Calais.  The ferry companies have
engaged in further price wars to gain market share.  Despite
this, Eurotunnel has improved volumes during this time.

Eurotunnel carried 17,629 coaches, an increase of 49%.  Coach
traffic diverted from the port of Calais due to the uncertainty
surrounding the regularity of ferry services.


TRAFFIC                          2005        2004        %
                                Draft       Actual

Truck shuttles      Trucks    345,570      326,003       6%

Passenger shuttles  Cars      438,804      421,070       4%
                    Coaches    17,629       11,867      49%

Railways (Eurostar and Rail Freight)

The Channel Tunnel is also used by rail services not managed by
Eurotunnel -- Eurostar for high-speed passenger -- only services
on London/Paris and London/Brussels, and EWS and SNCF for
international rail freight services.

Eurostar

Eurostar traffic grew 5% during the first quarter of 2005,
compared to the first quarter of 2004, continuing the growth
achieved since the opening of the first section of the U.K.
high-speed rail link.

Rail freight

The volume of rail freight transported through the Channel Tunnel
in the first quarter of 2005 declined by 11% to 417,103 tons
compared to the first quarter of 2004.

TRAFFIC                          2005        2004       %

Eurostar      Passengers    1,694,560   1,606,789      5%
Rail freight  Tonnes          417,103     468,390    -11%

CONTACT:  EUROTUNNEL PLC
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Media Inquiries
          Eurotunnel Press Office
          Phone: + 44 (0) 1303 288728
                 + 44 (0) 1303 288737

          Investor Inquiries
          Xavier Clement
          Phone: + 33 1 55 27 36 27


EXY GROUP: Creditors Meeting Set Next Week
------------------------------------------
Name of companies:
EXY Group Plc
Office Green Technologies Limited
Tonerflow Limited

The creditors of these companies will meet on April 25, 2005 at
2:00 p.m.  It will be held at The Ambassadors Hotel, 12 Upper
Woburn Place, London WC1H 0HX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU not later than 12:00 noon, April 22, 2005.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


FREEMAN INTERACTIVE: Members General Meeting Set May
----------------------------------------------------
The final general meeting of the members of Freeman Interactive
Limited will be on May 25, 2005 at 10:30 a.m.  It will be held at
KPMG, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
KPMG, 8 Salisbury Square, London EC4Y 8BB not later than 12:00
noon, May 24, 2005.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


F S I GROUP: Members Final Meeting Set Next Month
-------------------------------------------------
The final meeting of F S I Group Plc will be on May 16, 2005 at
10:30 a.m.  It will be held at the offices of Griffins, Russell
Square House, 10-12 Russell Square, London WC1B 5EH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Griffins, Russell Square House, 10-12 Russell Square, London WC1B
5EH not later than 12:00 noon, May 13, 2005.

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          E-mail: martin.freeman@griffins.net


GHE REALISATIONS: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of GHE Realisations Limited will be on April 28,
2005 at 11:00 a.m.  It will be held at 100-102 St James Road,
Northampton NN5 5LF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BRI Business Recovery and Insolvency, 100-102 St
James Road, Northampton NN5 5LF not later than 12:00 noon, April
27, 2005.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


GLOBEHAVEN LIMITED: Restaurant Calls in Administrator from RE10
---------------------------------------------------------------
Nimish C Patel (IP No 8679) and Bijal Shah (IP No 8717 have been
appointed joint administrators for Italian restaurant Globehaven
Limited (t/a Meridiana).  The appointment was made April 8, 2005.
Its registered office is located at 59 Marloes Road, Kensington,
London W8 6LE.

CONTACT:  RE10
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346
          Web site: http://www.re10.co.uk

          RE10
          Suite 215, Signal House,
          Lyon Road, Harrow,
          Middlesex HA1 2AQ


GRANGE SEYMOUR: Calls in Administrators from BDO Stoy Hayward
-------------------------------------------------------------
Geoffrey Stuart Kinlan (IP No 8268/01) and Tony Nygate (IP No
9237) have been appointed joint administrators for Grange Seymour
Intercontinental Ltd.  The appointment was made April 6, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


IT IMAGE: Creditors Meeting Set Next Week
-----------------------------------------
The creditors of IT Image Limited will meet on April 25, 2005 at
10:00 a.m.  It will be held at The Ambassadors Hotel, 12 Upper
Woburn Place, London WC1H 0HX.

Creditors who want to be represented at meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU not later than 12:00 noon, April 22, 2005.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


JARVIS PLC: Debt Swap Negotiations Begin
----------------------------------------
Talks between Jarvis and its U.S. creditors over a GBP250 million
debt-for-equity swap are expected to start soon, The Scotsman
said Monday, quoting sources privy to the deal.

The once proud construction and engineering conglomerate is
expected to clinch a deal by end of July at the earliest.  "I
would expect a deal in the next four months," one source close to
the company told the paper.

Weekend reports suggested that creditors would get nearly 80
percent of the company's equity, but Jarvis denied this Monday,
adding no terms had been discussed yet.

"Recent debt-for-equity restructuring deals in the U.K. have left
existing shareholders with less than 5 percent of the equity,"
according to The Scotsman.  Telewest shareholders ended up
getting 1.5 percent in a deal last summer, while MyTravel gave
its shareholders 4 percent in December, the paper said.

Jarvis avoided collapse in December by selling its stake in the
London Underground rail network for GBP147 million.  Trouble
began as early as three years ago when the first of a series of
accidents happened on the tracks it maintained.  The Potter Bar
crash in 2002 is considered one of the worst in British history.

Soon after creditor banks, including Barclays and Royal Bank of
Scotland, bailed out and sold their loans to U.S. specialist
investors like Strategic Value Partners and Canyon Capital.
These new creditors now want to exchange the debt for shares by
summer.

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com


LEGG MASON: Appoints Tenon Recovery Liquidator
----------------------------------------------
At the meeting of Legg Mason Holdings Limited on March 31, 2005,
the special and ordinary resolutions to wind up the company were
passed.  S. R. Thomas and S. J. Parker of Tenon Recovery,
Sherlock House, 73 Baker Street, London W1U 6RD have been
appointed joint liquidators of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to S. R. Thomas of Tenon Recovery, Sherlock
House, 73 Baker Street, London W1U 6RD on or before May 10, 2005.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


MALABAR CAPITAL: Members Call in Deloitte & Touche Liquidator
-------------------------------------------------------------
At the general meeting of the members of Malabar Capital Limited,
the special and ordinary resolutions to wind up the company were
passed.  James Robert Drummond Smith and Nicholas James Dargan of
Deloitte & Touche, Athene Place, PO Box 810, 66 Shoe Lane, London
EC4A 3WA have been appointed liquidators of the company.

Creditors are required to submit their written debt claims to
James Robert Drumond Smith at Deloitte & Touche LLP, Athene
Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA on or before May
17, 2005.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


NORFISH SEAFOODS: Members Final Meeting Set Next Month
------------------------------------------------------
The final meeting of the members of Norfish Seafoods Limited will
be on May 23, 2005 at 10:00 a.m.  It will be held at the offices
of Bartfields (UK) Limited, Burley House, 12 Clarendon Road,
Leeds LS2 9NF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds
LS2 9NF not later than 12:00 noon, May 20, 2005.

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House
          12 Clarendon Road
          Leeds
          West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


NOVEM CAR: Interior Design Company Calls Meeting in May
-------------------------------------------------------
The final meeting of the shareholders of Novem Car Interior
Design Limited will be on May 18, 2005 at 10:00 a.m.  It will be
held at 69-71 Queen Square, Bristol BS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged at
69-71 Queen Square, Bristol BS1 4JP not later than 12:00 noon,
May 17, 2005.

CONTACT:  P. L. Thurston, Liquidator
          69-71 Queen Square,
          Bristol BS1 4JP


PHOENIX VENTURE: Calls in Administrators from PwC
-------------------------------------------------
Tony Lomas, Steven Pearson and Rob Hunt, partners in
PricewaterhouseCoopers, have been appointed joint administrators
of Phoenix Venture Motors Limited on Monday.

PVM operates MG Rover dealerships offering new and used car sales
as well as servicing and spares.  It operates from 11 sites in
the Midlands, North West and South of England and has 472
employees.  In the year ended 31 December 2003, it had turnover
of circa GBP80 million and reported a loss of GBP2.5 million.

Rob Hunt, joint administrator and partner in
PricewaterhouseCoopers, said: "Following the administration of MG
Rover Group Limited, which owed PVM a substantial sum of money,
and our announcement on Friday that the chances of securing a
sale of MG Rover Group Limited as a going concern look less
likely, the directors of PVM were left with little option but to
seek an administration order.

"We will be working with management to quickly establish which of
the sites can remain open and continue to trade so as to preserve
parts of the distribution channel for MG Rover cars."

On April 8, Ian Powell, Tony Lomas and Rob Hunt were appointed
joint administrators of MG Rover Limited, while Tony Lomas, Rob
Hunt and Steven Pearson were appointed joint administrators of
Powertrain Limited.  Steven Pearson and Rob Hunt were also
appointed joint administrators of MG Sport and Racing Limited on
Tuesday last week.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


PHOENIX VENTURE: Administrators to Close Three Outlets
------------------------------------------------------
Joint administrators from PricewaterhouseCoopers said three
dealerships of Phoenix Venture Motors Limited will close with
immediate effect.

Dealerships in Northampton (18 redundancies), Oxford (25) and
Muswell Hill (43) London, have been closed Monday.

Rob Hunt, joint administrator and partner in
PricewaterhouseCoopers, said: "These closures reflect the results
of our urgent review of PVM and take into account profitability
and sales potential.  We will continue to work with management to
establish which of the remaining sites can stay open and continue
to trade so as to preserve parts of the distribution channel for
MG Rover cars."

PVM has eight further dealerships in these locations: Preston,
Chorley, Coventry, Rednal, Bromsgrove, Kidderminster, Hatfield
and Romford.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


P & H PROPERTIES: Appoints BDO Stoy Hayward Liquidator
------------------------------------------------------
At the extraordinary general meeting of P & H Properties Limited
on March 30, 2005 held at Northside House, 69 Tweedy Road,
Bromley, Kent BR1 3WA, the subjoined special resolution to wind
up the company was passed.  David Harry Gilbert and Simon James
Michaels of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL
have been appointed joint liquidators of the company.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


PREMIER PALLETISE: Grant Thornton Administrators Move in
--------------------------------------------------------
Anthony Norman Flynn and Andrew David Conquest (IP Nos 8619,
5329) have been appointed joint administrators for Premier
Palletise Limited.  The appointment was made April 5, 2005.

The company is into transporting palletized thru consignments.
Its registered office is located at Unit 7 Fourth Way, Wembley,
Middlesex HA9 0LH.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


RICHARD WILD: Hires Marks Bloom as Administrator
------------------------------------------------
Philip Weinberg (IP No 5325) has been appointed administrator for
Richard Wild Limited.  The appointment was made April 4, 2005.
Its registered office is located at 60-62 Old London Road,
Kingston upon Thames KT2 6QZ.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


TRIDENT FASHIONS: Menswear Retailer Names Administrator
-------------------------------------------------------
Charles MacMillan and Dermot Justin Power (IP Nos 6000, 6006)
have been appointed joint administrators for Trident Fashions Plc
(t/a Ciro Citterio).  The appointment was made April 7 2005.
The shop retails menswear.

CONTACT:  BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


TURNKEY U.K.: Winding-up Report Due Second Week of May
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Turnkey (U.K.) Limited
                         (In Liquidation)

Notice is hereby given that the final meeting of members of
Turnkey (U.K.) Limited will be held at the offices of Kroll,
Afton House, 26 West Nile Street, Glasgow on May 9, 2005 at 11:00
a.m. for the purposes of receiving a report and account by the
Liquidator showing the manner in which the winding-up of the
Company has been conducted, the property of the Company disposed
of and to receive any explanation regarding the conduct of the
liquidation.

These resolutions will be put to the meeting:

(a) To accept the Liquidator's final report and account;

(b) To approve the Liquidator's release from office.

A member entitled to attend and vote at the meeting may appoint a
proxy to attend and vote in his/her place.  It is not necessary
for the proxy to be a member of the Company.

Fraser J. Gray, Liquidator
April 6, 2005

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          Fraser J. Gray
          E-mail: fgray@krollworldwide.com


VEDANTA RESOURCES: Plans to Develop Konkola Copper Mines
--------------------------------------------------------
London-listed metals and mining company Vedanta Resources plc
noted that the President of the Republic of Zambia this weekend
discussed the considerable potential growth of the Konkola Copper
Mines in a public speech.

The speech mentioned the possibility of increasing capacity at
the Nkana smelter and the future development of Konkola
underground mine.

Vedanta sees considerable potential to improve the existing
operations at Konkola and develop these assets.  Plans are
underway to expand the smelting capacity at Nkana and engineering
studies are taking place at Konkola underground mine.

                            *   *   *

In February, Standard & Poor's Ratings Services raised its
long-term foreign-currency corporate credit and senior unsecured
debt ratings on Vedanta Resources to 'BB+' from 'BB', following
the upgrade of the sovereign credit rating on the Republic of
India (BB+/Stable/B), where the majority of Vedanta's operations
are based.

CONTACT:  VEDANTA RESOURCES PLC
          44 Hill Street Mayfair
          London
          United Kingdom
          W1J 5NX
          Phone: +44 20 7629 6070
          Fax: +44 20 7629 7426
          Web site: http://www.vedantaresources.com

          Investor Relations
          John Smelt, Head
          Phone: +44 20 7499 5900
                 +44 787 964 2675

          James Murgatroyd
          Robin Walker
          Finsbury
          Phone: +44 20 7251 3801


WHEEL (UK): Calls in Joint Administrators from Begbies Traynor
--------------------------------------------------------------
David Moore and Donald Bailey (IP Nos 007510, 006739) have been
appointed joint administrators for advertising company Wheel (UK)
Limited.  The appointment was made April 4, 2005.  Its registered
office is located at 5 Brooklands Place, Brooklands Road, Sale,
Cheshire M33 3SD.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, Julybien Atadero and Jay Malaga, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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